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Be the first with the news that moves the market- Calibre Mining (TSX:CXB) has revised its 2020 drill program, expanding its original plan by 30 per cent
- Once operations begin at its Libertad and Limon projects, the new program will drill 60,000 metres, as opposed to the previous 47,000 metre plan
- The update will increase the number of drill rigs from six to 10, with four at Limon, four at Libertad and two at Pavon
- The decision to expand the program follows promising mineralisation results that were gathered earlier this year
- Calibre Mining (CXB) is up 1.41 per cent and is currently trading at C$1.44 per share, with a market cap of $472.35 million
Calibre Mining (TSX:CXB) has revised its 2020 drill program, representing an increase over its original plan by 30 per cent.
The company’s exploration program is expected to recommence once mining operations resume in Nicaragua. An initial plan proposed a drill program of 47,000 metres, but this has now been increased to 60,000 metres.
This will also involve an increase in the number of drill rigs, from the current six to ten by the fourth quarter of this year. Four of these rigs will be based at Limon, with another four at Livertad, and the remaining two at Pavon.
Drilling efforts at Limon will be focused on the Panteon and Limon Norte deposits.
Likewise, drilling at Libertad will focus on four targets, including Tranca, Jabali Central and Jabali West, as well as follow-up drilling at the Amalia prospect.
Recent drilling activities undertaken earlier this year, prior to shutdowns brought on by COVID-19, confirmed resource expansion potential at both the Pantheon deposit and the Jabali West underground mine.
Drilling also indicated positive gold grades and continuity along strike at the previously untested Tranca and Amelia prospects.
Russell Ball, CEO of Calibre Mining, said the geological setting and large land packages at Limon and Libertad continue to demonstrate excellent resource expansion and discovery opportunities.
“With the exploration success to date and our improved understanding of the structural setting, we are increasing the number of rigs from six in the first quarter to ten in the fourth quarter, which will increase our initial drilling phase from 47,000 metres to 60,000 metres or approximately 30 per cent,” he said.
Calibre Mining (CXB) is currently up 1.41 per cent and is trading at C$1.44 per share at 12:01pm EDT.
